EAEU states approve program on common gas and oil market

7 December 2018 14:10 53

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ST PETERSBURG. KAZINFORM The leaders of the Eurasian Economic Union (EAEU) member states approved a program on the formation of the common market for gas, oil and oil products at the summit in St Petersburg on 6 December, Chairman of the Board of the Eurasian Economic Commission (EEC) Tigran Sargsyan told the media on 6 December, BelTA reports.

Commenting on the recent debate between the presidents of Belarus and Russia regarding gas issues, Tigran Sargsyan stated that such discussions contribute to the development of the integration project.

"It is very important that there are frank and open statements, and the position of the parties becomes clear. It helps find solutions that push the project forward. From this point of view, we had a breakthrough today because we approved a program on the formation of a common gas market. This was a very fundamental issue, and we managed to come to a compromise," said the chairman of the EEC Board.

According to him, another important result of the summit was the approval of the program to form a common market for oil and oil products. Negotiations on this issue also did not go without a heated debate.

"We managed to level the situation off and take a significant step forward. The question on the price for gas transit remains open. Everyone expressed their positions and we need to work this issue through to find a compromise solution," Tigran Sargsyan said.

The formation of the common markets for gas, oil and oil products was one of the key issues on the agenda of the Supreme Eurasian Economic Council meeting in St Petersburg. As Vladimir Putin noted during the summit, the implementation of the new measures will add up to $9 billion to the Eurasian Economic Union GDP.